Amgen Rejects Split, But Increases Layoffs to 20%

Chief executive Robert Bradway told investors that splitting the company at this time would not add value for shareholders -- a suggestion made earlier this month by billionaire hedge fund manager Daniel Loeb.

Bradway also announced that the company would cut its facilities footprint by 23 percent and reduce staff by 20 percent by the end of next year. Amgen had previously announced a plan to lay off up to 2,900 employees, or up to 15 percent of its global workforce. The additional 1,100 layoffs will bring the total up to 20 percent.

Bradway added that Amgen is preparing to launch four new drugs next year and will expand its program to produce biosimilars.

Several drugmakers are joining the growing group of protestors who are distancing themselves from the Fox News Channel shows featuring Tucker Carlson and Jeanine Pirro after the hosts were accused of making bigoted statements.

A mix of feature articles and current new stories that are critical to staying up-to-date on the industry, delivered to your inbox. Choose from an assortment of different topics and frequencies. Subscribe Today.